The United Nations (UN) is investigating hacking groups linked to the Democratic People’s Republic of Korea (DPRK) for allegedly orchestrating cyberattacks on cryptocurrency firms over six years, accumulating profits estimated at around $3 billion.
According to recent reports by Reuters, which cite unpublished UN documents, an independent sanction committee oversees the investigation into these DPRK-linked hacking groups. These groups purportedly targeted 58 cryptocurrency-related companies between 2017 and 2023 to finance their weapon of mass destruction (WMD) development efforts.
Extent of cyberattacks and expected UN report
The UN sanction committee is actively probing 58 suspected DPRK cyberattacks on cryptocurrency-related companies, with an estimated value of approximately $3 billion. These illicit activities are reported to have assisted in funding the DPRK’s weapon of mass destruction (WMD) development. The investigation is expected to culminate in a published report of its findings within the next two months, shedding light on the extent and implications of these cyberattacks.
In recent years, DPRK hacking groups have come under intensified scrutiny for their alleged involvement in significant cryptocurrency losses resulting from hacks. In 2023, blockchain analysis firm Chainalysis estimated that these hacking groups stole roughly $1 billion worth of cryptocurrency through 20 separate hacks.
While this marked a notable decrease compared to the previous year, when losses amounted to $1.7 billion across 15 hacking incidents in 2022, concerns persist over the escalating threat posed by DPRK-linked cybercrime.
Forecasts for increased cyber disruption in 2024
Despite advancements in cybersecurity measures among cryptocurrency exchanges and heightened international collaboration in tracking and recovering stolen funds, experts anticipate that 2024 will witness a surge in cyber disruptions orchestrated by DPRK hacking groups.
According to blockchain intelligence firm TRM Labs, these groups are expected to employ more sophisticated attack methods than in previous years, posing significant challenges to cybersecurity efforts worldwide. The firm warns that despite concerted efforts to combat cybercrime, 2024 will likely see further disruptions from these prolific cyber-thieves.
